Personal Finance Retail Banking Investments Credit Cards Life Insurance Car Insurance Newswire
Banking

What’s Sofi

By David Krug 6 minute read

Choosing a reliable lender is critical if you need to take out a loan. In addition to looking for a lender with an inexpensive rate, think about the quality of customer service and other perks they provide as well. SoFi is a good option whether you’re searching for a personal loan, a house loan, a private student loan, or a student loan refinancing. It is a well-known online lender that offers a variety of lending options, as well as member advantages and affordable interest rates for qualifying consumers.

With this SoFi review, we hope to provide you with a better understanding of the company’s offerings so you can decide if it’s the correct lender for you.

Is SoFi a decent company?

SoFi is a reputable, long-standing financial institution with a lengthy history in the sector, so you can feel comfortable that you’ve made the right choice. The goal of the business is to help consumers achieve their financial goals and become financially self-sufficient.

Founded in 2011, SoFi specializes in refinancing student loans. Since its inception, it has developed significantly and currently provides a wide range of financial services. Even now SoFi has more than half a million members in its network, its 11 business values remain unchanged. These principles include putting the needs of the group’s members first and assisting others in their development.

For example, it provides services to borrowers that assist them in making better financial decisions and improving their financial life. For customers who have numerous loans with the organization, this includes financial and career counseling, unemployment insurance for specific loans, investment goods, and interest rate reductions.

What loan options does SoFi provide?

Financial and personal objectives may be met with a variety of SoFi loans. These are only a few examples:

  • SoFi offers mortgages and mortgage refinancing loans for those who want to buy a home. Conforming and jumbo loans are available to borrowers who want to buy more expensive residences.
  • In addition to debt consolidation and home remodeling, personal loans may be utilized for a variety of other objectives.
  • In the event that you require additional funding to continue your education beyond what is provided by the government, private student loans from SoFi can help.
  • Interest rates and payment conditions can be changed on current student loans by refinancing with SoFi.

Home loans from SoFi

Homeowners who want to refinance their existing loan may do so through SoFi, which provides both conventional and unconventional mortgage products. Repaying student debts with the profits of a cash-out refinancing loan is also an option.

As little as 5% down payment is required for some loans. SoFi’s mortgage lending professionals are on hand to assist, so even first-time purchasers will have no problem acquiring a loan with them.

Borrowers seeking a low-cost loan might consider SoFi’s offerings. There are no hidden fees or prepayment penalties with SoFi’s affordable rates. You may want to look into acquiring a mortgage via SoFi because you may save up to $500 in loan fees simply for being an active SoFi member.

With SoFi’s home loans, only those with excellent credit are eligible. As long as you have some basic financial information, you may quickly and easily check if you are eligible for a low-interest loan. But you’ll have to reside in a state where SoFi is permitted to provide house loans. A list of locations where SoFi lends may be found here.

Personal loans from SoFi

For those who need to borrow a substantial quantity of money or want to take advantage of all the SoFi perks, a SoFi personal loan may be the best option. A personal loan from Sofi can be used for a variety of purposes, including consolidating high-interest credit card debt or funding a home renovation project.

SoFi offers fixed-rate loans ranging from $5,000 to $100,000 with autopay at APRs ranging from 4.99 percent to 19.53 percent (as of November 30, 2021). Borrowers seeking a cheap loan should take a hard look at SoFi because there are no late fees, prepayment penalties, or origination costs.

Borrowing from SoFi is convenient because the loan application may be done online. Live customer service is also accessible seven days a week if you need it. It’s also possible to verify if SoFi has competitive rates and conditions for potential borrowers by entering some basic financial information.

SoFi’s finest feature, however, is the assistance it provides to individuals who lose their jobs. You may put off personal loan payments while you look for a new job, and SoFi even offers career counseling and networking opportunities as part of its job search support.

If you are looking for a personal loan, SoFi is the only option you should consider. So, if you have decent to exceptional credit and are looking for a low-interest loan, this is a company you should check out. Only US citizens and permanent residents are eligible for the program. Aside from that, you need to be at least 18 years old and reside in one of the states that SoFi lends.

Private student loans from SoFi

In addition to undergraduate and graduate student loans, SoFi now offers loans for parents. For students and parents who have exhausted their federal loan options, SoFi is a great option since they may borrow a minimum of $5,000 and up to the maximum school-certified cost of attendance.

Depending on whether you’re applying for undergraduate, graduate, or parent loans, interest rates and payback terms are different. The cheap interest rates offered by SoFi are available to all borrowers, and they may check their rates online in a matter of minutes without making a commitment to the lender.

Private loans from SoFi are likewise fee-free. No insufficient funds fees, late fees, origination or application charges, or prepayment penalties are included in this deal. As a final perk, SoFi provides members with perks that other lenders do not, like career counseling, the option to put your loan on forbearance and temporarily suspend payments in the case of a job loss, and savings on networking events and multiple loans.

SoFi is a great option for students planning on taking on additional debt in the future or who want financial support beyond just paying for school tuition costs.

Student loan refinancing with SoFi

Additionally, SoFi provides student loan refinancing for parents and medical school grads with a lot of student debt to refinance. Those who have already taken out student loans but want to cut their interest rates may look at SoFi. More than 375,000 students have refinanced more than $30 billion in school debt with the aid of this seasoned lender.

Borrowers can refinance their federal loans with SoFi as well as private loans, but they will forfeit several significant borrower perks if they do so via a private lender. By completing a few easy questions, you may find out your rate online and then apply online if you desire to proceed.

There are no application or origination costs, and there are no penalties for early repayment. As a result, many customers can save money by using SoFi to refinance their current loans.
To be eligible, you must hold a degree from a Title IV recognized institution, be employed or have a job offer with a start date within 90 days, and have a good financial history. In addition to a decent credit score, you’ll need a steady monthly income. If you are unable to qualify for a loan on your own, a cosigner may be able to assist you in obtaining the money you want.

SoFi’s Customer Feedbacks

Many customers have complained about issues with SoFi in their ratings. Problems include late payments on refinanced student loans, as well as several applicants saying they were turned down for credit. Others, on the other hand, have expressed satisfaction with the lender, citing advantageous loan terms. It appears that many people enjoy having access to a wide range of financial products and services from a single lender.

SoFi has an A+ rating with the BBB despite not being certified. Customers gave it only a two-star rating on the BBB website, and the Bureau has resolved 175 complaints in the previous three years. In spite of the mixed evaluations, SoFi’s goods and benefits make it worthwhile to consider signing up. To borrow from SoFi, there are no severe red flags if you can secure a fair rate and your loan is accepted.

David Krug

Author